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Ares Management Upsizes Tempus Debt Facilities to $560 Million
February 19, 2025
Source: Businesswire
NEW YORK--(BUSINESS WIRE)--Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today that Ares Credit funds served as the administrative agent on $300 million in incremental debt financing for Tempus AI, Inc. (NASDAQ: TEM) (“Tempus”), a technology company leading the adoption of AI to advance precision medicine and patient care. The financing is intended to support Tempus’ previously announced acquisition of Ambry Genetics (“Ambry”), which closed on February 3, 2025. Combined with $260 million of capital provided in 2022 and 2023, Ares Credit funds have provided Tempus a total debt package of approximately $560 million.
Founded in 2015, Tempus is bringing data and AI to healthcare businesses through innovative technology solutions focused on clinical care and research products. With an integrated business model of sequencing patients through therapy and trial matching, collecting data through licensing and analytical tools, and providing insights to further enhance their diagnostic testing, Tempus is committed to helping physicians and researchers advance efforts in oncology, cardiology, pathology and radiology.
“We are pleased to upsize our investment in Tempus, underscoring Ares’ ability to provide flexible capital at scale to both non-sponsor-backed and sponsor-backed borrowers,” said Douglas Dieter, Dr.P.H., Partner in the Ares Credit Group. “Over the last two years, we’ve been impressed by the Tempus team’s execution of its growth strategy and complementary acquisition of Ambry, and we look forward to further supporting their efforts in AI-enabled solutions that help advancements in medicine.”
“We appreciate this latest investment from Ares, which supports Tempus’ acquisition of Ambry and our commitment to deliver technological innovation that can help healthcare providers improve patient outcomes,” said Jim Rogers, Chief Financial Officer of Tempus.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2024, Ares Management Corporation's global platform had over $484 billion of assets under management, with operations across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Tempus
Tempus is a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare. With one of the world’s largest libraries of multimodal data, and an operating system to make that data accessible and useful, Tempus provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics. The goal is for each patient to benefit from the treatment of others who came before by providing physicians with tools that learn as the company gathers more data. For more information, visit tempus.com.
Contacts
Ares
Jacob Silber, +1-212-301-0376
media@aresmgmt.com
Tempus
Erin Carron
Erin.carron@tempus.com
